Skip to content
Finance Investment, Oil Mining Resources

Queensland Pacific Metals (ASX: QPM) – Energy Commences Operation of the Moranbah Project

Queensland Pacific Metals Limited (ASX: QPM) 2 mins read

Queensland Pacific Metals Limited (ASX: QPM) ("QPM" or the "Company") is thrilled to announce that its wholly-owned subsidiary, QPME, has successfully assumed operating control of the Moranbah Project as of August 30, 2023. The transition occurred smoothly, without any interruptions to well field operations or deliveries of gas to customers. A first-class operating team is now in place, comprised of a core group of experienced Moranbah Project employees.

Strengthening Operational Footprint

With this strategic milestone, QPME is optimally positioned to begin implementing a comprehensive set of operating initiatives aimed at augmenting production, driving earnings growth, and instilling financier confidence in long-term gas supply, particularly concerning the TECH Project.

Production Growth Works Program

Aligned with QPM's previously published indicative guidance for the Moranbah Project, there is an expectation of a significant uptick in production, leading to substantial growth in EBITDA over the forthcoming 12 months. To achieve these objectives, QPM has outlined a multi-faceted plan requiring modest capital investment:

  • Existing Well Work Over: An initial campaign involving 9 wells is planned to start around October 2023, aimed at enhancing gas production.

  • Gas Capture at Anglo Mine Site: Installation of tie-in points at the adjacent Anglo mine site to capture gas currently being drained and flared. Three are anticipated to be completed by September 2023, with three more by December 2023.

  • New Well Drilling Program: Funded under the $80 million Dyno Nobel Development Funding Facility, drilling is set to commence in early 2024, with first gas output expected by mid-2024.

  • Infrastructure Optimization: Additional activities are also planned to streamline existing infrastructure for better efficiency and output.

QPME CEO David Wrench commented,

“We are delighted that, following completion of the Moranbah Project acquisition last Friday, we have now successfully completed transfer of operatorship. We have a highly motivated, experienced team in control of the Project who have a clear vision of what needs to be done to significantly grow the business into 2024."


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

Media

More from this category

  • Industrial Relations, Oil Mining Resources
  • 22/05/2024
  • 13:58
Mining and Energy Union

BHP suffers another defeat as OS Agreement rejected again

The Fair Work Commission has rejected another application by BHP for approval of an Enterprise Agreement to cover its production workforce. The Mining and Energy Union said the FWC decision, which found that the proposed Enterprise Agreement was not valid because it had not been explained properly to workers, was the latest in a string of legal defeats for BHP’s in-house labour hire operation. MEU Queensland President Mitch Hughes said the decision delivered late Tuesday was a further indication that BHP’s approach in setting up a subsidiary to provide itself with a cheaper workforce was flawed. “This decision further exposes…

  • Finance Investment, Oil Mining Resources
  • 22/05/2024
  • 10:21
Rincon Resources Limited (ASX: RCR)

Rincon Resources Limited (ASX: RCR) – Over-Subscribed A$5.6m Raising to Expand West Arunta Exploration

Perth, Western Australia - ASX listed minerals explorer, Rincon Resources Limited (ASX: RCR) ("Rincon" or "the Company") is pleased to announce the successful completion of an over-subscribed capital raising of A$5.6 million. The funds were raised through the placement of 56,000,000 fully paid ordinary shares at a price of $0.10 per share. This capital injection will primarily fund the expansion of exploration activities at the Company’s promising West Arunta Project in Western Australia. The placement attracted significant interest from institutional, professional, and sophisticated investors, along with continued support from existing shareholders. The shares were issued at the 10-day Volume Weighted…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 22/05/2024
  • 10:06
Zenith Minerals Limited (ASX:ZNC)

Zenith Minerals Limited (ASX:ZNC) – RC & AIRCORE DRILLING COMMENCED TO TEST GOLD & NICKEL TARGETS

Press Release: Zenith Minerals Announces Commencement of RC & Aircore Drilling at Hayes Hill to Test Promising Gold and Nickel Targets Perth, Australia – May 22, 2024 – Zenith Minerals Limited (ASX: ZNC), an Australian-based minerals exploration company, is pleased to announce that Reverse Circulation (RC) and Aircore drilling has commenced at the Hayes Hill Project, strategically located in the highly mineralized Norseman – Widgiemooltha area of Western Australia. This new drilling campaign aims to explore significant gold and nickel targets recently identified within the project area. Exciting Gold Prospects Between Major Mining Districts The Hayes Hill Project, positioned between…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.